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WiLAN Reports Second Quarter 2014 Financial Results

Company reports third straight quarter of adjusted earnings exceeding $16 million

OTTAWA, CANADA -- (Marketwired) -- 07/30/14 -- Wi-LAN Inc. ("WiLAN" or the "Company") (TSX: WIN)(NASDAQ: WILN) today announced financial results for the second quarter of fiscal year 2014 ended June 30, 2014. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Second Quarter 2014 Highlights


--  Revenues of $25.7 million, exceeding guidance of $19.4 million by 32%.
--  Adjusted earnings(i) of $16.6 million, or 14 cents per basic share,
    exceeding guidance of between $9.4 million and $10.5 million by nearly
    60%.
--  GAAP earnings of $5.6 million or 5 cents per basic share.
--  Announced 25% increase to quarterly dividend.
--  Signed license agreements for wireless technology with Nokia Networks
    and Archos S.A.
--  Entered license agreement with Sony Corporation related to television
    technology.
--  Secured license agreements for network management technology with two
    U.S. wireless carriers.
--  Signed significant partnership with industry leading memory company.
--  Diversified business with licensing partnerships in the automotive, data
    networking, irrigation and medical technology markets.
--  U.S. Patent Office and U.S. District Court confirm validity of WiLAN's
    802 patent, which was at issue in the Apple case.
--  Returned $4.3 million to shareholders in dividend payments.

"In the second quarter, we made significant progress in our ongoing efforts to increase the profitability and diversification of our business," said Jim Skippen, President & CEO. "Strong revenues, driven in part by signed license agreements with Nokia Networks and Sony, and the control of litigation expenses, contributed to the third straight quarter of positive GAAP earnings and adjusted earnings exceeding 55 percent of revenue."

Added Skippen, "Licensing partnerships signed recently have established WiLAN in many new markets including the automotive, data networking, medical and semiconductor markets. In particular, we are very excited about the quality and value of a patent portfolio that a WiLAN subsidiary acquired from an industry leading memory company in the second quarter. We are very pleased that the U.S. Patent Office, after conducting reexam proceedings at the urging of certain defendants in our cases, has confirmed the validity of WiLAN's 802 patent. The 802 patent was filed by the founders of WiLAN and has been licensed to many parties."

Eligible Dividend

The Board of Directors has declared an eligible dividend of CDN $0.05 per common share to be paid on October 3, 2014 to shareholders of record on September 12, 2014.

Second Quarter 2014 Revenue Review

In the three month period ended June 30, 2014, WiLAN generated revenues of $25.7 million, as compared to $19.9 million in the three month period ended June 30, 2013. The increase in revenues is primarily attributable to the timing of fixed-payment amounts as a result of the significant license agreements signed during the twelve months ended December 31, 2013 and the six months ended June 30, 2014 for which certain agreements contained higher fixed-payments at the beginning of the license agreement.

Second Quarter 2014 Operating Expense Review

In the three month period ended June 30, 2014, cost of revenue totaled $14.5 million as compared to $24.2 million in the comparative period. The decrease in expenses is primarily attributable to a decrease in litigation expense partially offset by an increase in amortization expense and patent maintenance, prosecution, and evaluation expenses as a result of patent acquisitions completed during fiscal 2013, and compensation and benefits as a result of increased staffing levels.


                                  Three months ended        Six months ended
                            ------------------------------------------------
                            ------------------------------------------------
                                June 30,    June 30,    June 30,    June 30,
                                    2014        2013        2014        2013
                            ------------------------------------------------
                            ------------------------------------------------

Compensation and benefits      $   1,901   $   1,155   $   4,271   $   2,790
Litigation                         1,656      14,470       3,365      26,143
Patent maintenance,
 prosecution, and evaluation       2,073       1,544       3,403       2,685
Amortization of patents            8,332       6,324      16,723      12,829
Stock-based compensation              95         263         453         421
Other                                415         416         887         577
                            ------------------------------------------------
                               $  14,472   $  24,172   $  29,102   $  45,445
                            ------------------------------------------------
                            ------------------------------------------------

For the three months ended June 30, 2014, litigation expenses amounted to $1.7 million compared to $14.5 million for the same period last year. This decrease in comparison to the same period last year is largely attributable to a decrease in the level of litigation activities and new shared risk fee arrangements entered into with our external counsel. Litigation expenses are expected to vary from period to period due to the variability of litigation activities and any contingent payments that may be required from licenses signed in any particular quarter.

In the second quarter ended June 30, 2014, MG&A expenses amounted to $2.8 million as compared to $3.6 million in the second quarter ended June 30, 2013. The decrease in spending for the three and six months ended June 30, 2014 is primarily attributable to a decrease in compensation and benefits and stock-based compensation as a result of changes in staffing levels.


                                  Three months ended        Six months ended
                            ------------------------------------------------
                            ------------------------------------------------
                                June 30,    June 30,    June 30,    June 30,
                                    2014        2013        2014        2013
                            ------------------------------------------------
                            ------------------------------------------------

Compensation and benefits      $   1,219   $   1,630   $   1,985   $   2,555
Depreciation                         161         118         325         242
Stock-based compensation             331         740         743       1,415
Public company costs                 508         527       1,303         954
Facilities                           180         137         363         271
Other                                411         460       1,023         936
                            ------------------------------------------------
                               $   2,810   $   3,612   $   5,742   $   6,373
                            ------------------------------------------------
                            ------------------------------------------------

For the three months ended June 30, 2014, R&D expenses were $660,000 as compared to $692,000 in the same period last year. Although expenses declined slightly quarter over quarter, compensation and benefits increased during the quarter as a result of an increase in staffing levels.


                                 Three months ended         Six months ended
                            ------------------------------------------------
                            ------------------------------------------------
                                June 30,    June 30,    June 30,    June 30,
                                    2014        2013        2014        2013
                            ------------------------------------------------
                            ------------------------------------------------

Compensation and benefits      $     482   $     380   $   1,027   $     854
Depreciation                          45         165         106         239
Stock-based compensation              32          75           9         213
Other                                101          72         126         193
                            ------------------------------------------------
                               $     660   $     692   $   1,268   $   1,499
                            ------------------------------------------------
                            ------------------------------------------------

Second Quarter 2014 Earnings Review

In the second quarter ended June 30, 2014, WiLAN generated adjusted earnings of $16.6 million or 14 cents per basic share as compared to a loss of $762,000 or 1 cent per basic share, in the comparative period. The increase in adjusted earnings for the second quarter of 2014 is primarily attributable to increased revenues and reduced litigation expenses.

The Company's GAAP earnings amounted to earnings of $5.6 million, or 5 cents per share on a basic level, in the second quarter 2014, as compared to a GAAP loss of $7.6 million, or 6 cents per share on a basic level, in the same period last year.

Second Quarter 2014 Balance Sheet and Cash Flow Review

At June 30, 2014, the Company's cash, comprised of cash and cash equivalents and short-term investments, totaled $140.1 million, representing an increase of $8.2 million from the cash position at December 31, 2013. The increase is primarily attributable to $33.2 million of cash generated in operations partially offset by the payment of dividends totaling $8.8 million and payments related to patent acquisitions totaling $10.7 million. The Company's cash equivalents and short-term investments include T-bills, term deposits and GICs.

Third Quarter 2014 Financial Guidance

For the third quarter 2014 ending September 30, 2014, the Company expects revenue to be at least $19.7 million. This revenue guidance does not include the potential impact of any additional reports yet to be received, new agreements that may be signed during the balance of the third quarter of 2014 or the potential impact of any royalties identified in audits conducted by the Company. This guidance is provided prior to the completion of the first month of this fiscal quarter and as such, a number of reports that normally are submitted at or shortly after the month end have yet to be received by the Company.

Operating expenses for the third quarter are expected to be in the range of $9.7 million to $10.4 million of which $2.5 million to $3.2 million is expected to be litigation expense. For the third quarter of 2014, and assuming no additional agreements are signed, adjusted earnings are expected to be in the range of $9.4 million to $10.2 million.

The above statements are forward-looking and actual results may differ materially. The "Forward- looking Information" section at the end of this press release provides information on various risks and uncertainties that the Company faces. Additional information identifying risks and uncertainties relating to the Company's business are discussed in greater detail in the "Risk Factors" section of WiLAN's annual information form for the 2013 fiscal year dated February 3, 2014 (copies of which may be obtained at www.sedar.com or www.sec.gov). Financial guidance is provided to assist investors and other interested parties in understanding WiLAN's performance. The reader is cautioned that using this information for any other purpose may be inappropriate.

The Company's revenues result primarily from the licensing of intellectual property which, by its very nature, is directly affected by the timing of the closure of license agreements, the nature and extent of specific licenses including actual rates, product sales by licensees which can be subject to seasonality as well as overall market demands and the timeliness of the receipt of licensee royalty reports. In addition, certain revenues may be of a one-time nature.

The above targets for the three month period ending September 30, 2014 reflect our current business indicators and expectations and are subject to fluctuations in foreign currency exchange rates. Due to their nature, certain income and expense items, such as significant license agreements with companies, brokerage opportunities, new litigation actions, contingent payments to licensing partners and litigation counsel that may be required from certain licenses signed in any particular quarter, losses on asset impairments or realized foreign exchange losses cannot be accurately forecast. Accordingly, we exclude forecasts of such items from our guidance. Actual revenues reported may exceed the revenue guidance provided due to the receipt of royalty reports, signing of new license agreements and completion of licensee audits, all after the guidance is provided. Actual expenses incurred may exceed the expense guidance provided due, in part, to contingent payments to licensing partners and litigation counsel that may be required from certain licenses signed during the quarter.

WiLAN's imperative is to negotiate the best possible license as measured over the long-term and accordingly, the timing of actual license signings may vary from that forecasted. Actual results may vary materially from the guidance provided as a consequence of the above noted factors.

Conference Call Information - July 30, 2014 - 10:00 AM ET

WiLAN will conduct a conference call to discuss its financial results today at 10:00 AM Eastern Time (ET). WiLAN CEO, Jim Skippen and CFO, Shaun McEwan will be on the call.

Calling Information

A live audio webcast will be available at http://www.investorcalendar.com/IC/CEPage.asp?ID=172942


--  To access the call from Canada and U.S., dial 1.877.407.0782 (Toll Free)
--  To access the call from other locations, dial 1.201.689.8567
    (International)

Replay Information

The call will be available at http://www.investorcalendar.com/IC/CEPage.asp?ID=172942 and accessible by telephone until 11:59 PM ET on October 30, 2014.

Replay Number (Toll Free): 1.877.660.6853

Replay Number (International): 1.201.612.7415

Conference ID #: 13585851

About WiLAN

WiLAN, founded in 1992, is a leading technology innovation and licensing company. WiLAN has licensed its intellectual property to over 285 companies worldwide. Inventions in our portfolio have been licensed by companies that manufacture or sell a wide range of communication and consumer electronics products including 3G and 4G handsets, Wi-Fi-enabled laptops, Wi-Fi and broadband routers, xDSL infrastructure equipment, cellular base stations and digital TV receivers. For more information: www.wilan.com.

Note

((i)) WiLAN follows GAAP in preparing its interim and annual financial statements. Adjusted Earnings are earnings from continuing operations before stock-based compensation expense, depreciation and amortization expense, interest expense, unrealized foreign exchange gains or losses, provision for income taxes and certain other non-cash, infrequent charges.

Forward-looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws. The phrases "to increase the profitability and diversification of our business", "are expected to vary", "due to the variability", "contingent payments that may be required from licenses signed in any particular quarter", "expects revenue to be", "potential impact", "yet to be received", "may be signed", "conducted by", "are expected to be", "are signed", "is expected", "may differ", "may be", "can be", "expectations", "subject to", "cannot be accurately forecast", " may exceed", "the receipt", "signing of new license agreements", "completion of", "contingent payments to licensing partners and litigation counsel that may be required from licenses signed during the quarter", "to negotiate", "may vary", "will be", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements and forward-looking information are based on estimates and assumptions made by WiLAN in light of its experience and its perception of historical trends, current conditions and expected future developments and the expected effects of new business strategies, as well as other factors that WiLAN believes are appropriate in the circumstances. Many factors could cause WiLAN's actual performance or achievements to differ materially from those expressed or implied by the forward-looking statements or forward-looking information. Such factors include, without limitation, the risks described in WiLAN's February 3, 2014 annual information form for the year ended December 31, 2013 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com or www.sec.gov. WiLAN recommends that readers review and consider all of these risk factors and notes that readers should not place undue reliance on any of WiLAN's forward-looking statements. WiLAN has no intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and brands mentioned in this release are the property of their respective owners.


Wi-LAN Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands of United States dollars, except share and per share amounts)


                   Three months   Three months     Six months    Six months
                          ended          ended          ended         ended
                  June 30, 2014  June 30, 2013  June 30, 2014 June 30, 2013
                 -----------------------------------------------------------
                 -----------------------------------------------------------

Revenue
  Royalties        $     25,655   $     19,941   $     51,633  $     38,310

Operating
 expenses
  Cost of revenue        14,472         24,172         29,102        45,445
  Research and
   development              660            692          1,268         1,499
  Marketing,
   general and
   administration         2,810          3,612          5,742         6,373
  Foreign
   exchange
   (gain) loss           (1,112)         1,266            277         2,299
                 -----------------------------------------------------------
  Total operating
   expenses              16,830         29,742         36,389        55,616
                 -----------------------------------------------------------
Earnings (loss)
 from operations          8,825         (9,801)        15,244       (17,306)
  Investment
   income                   143            188            278           383
                 -----------------------------------------------------------
Earnings (loss)
 before income
 taxes                    8,968         (9,613)        15,522       (16,923)

Provision for
 (recovery of)
 income tax
 expense
  Current                 1,338          1,293          2,780         2,594
  Deferred                2,031         (3,274)         3,174        (5,451)
                 -----------------------------------------------------------
                          3,369         (1,981)         5,954        (2,857)
                 -----------------------------------------------------------
Net and
 comprehensive
 income (loss)     $      5,599   $     (7,632)  $      9,568  $    (14,066)
                 -----------------------------------------------------------
                 -----------------------------------------------------------

Earnings (loss)
 per share
  Basic            $       0.05   $      (0.06)  $       0.08  $      (0.12)
  Diluted          $       0.05   $      (0.06)  $       0.08  $      (0.12)

Weighted average
 number of common
 shares
  Basic             120,065,465    121,225,490    119,991,276   121,384,394
  Diluted           120,335,029    121,225,490    120,297,384   121,384,394
                 -----------------------------------------------------------
                 -----------------------------------------------------------



Wi-LAN Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands of United States dollars)


As at                                             June 30,     December 31,
                                                      2014             2013
                                          ----------------------------------
                                          ----------------------------------
Current assets
  Cash and cash equivalents                  $     138,634    $     130,394
  Short-term investments                             1,453            1,457
  Accounts receivable                                4,641           11,999
  Prepaid expenses and deposits                      1,352              592
                                          ----------------------------------
                                                   146,080          144,442

Loan receivable                                      1,167            1,075
Furniture and equipment, net                         2,061            2,159
Patents and other intangibles, net                 161,749          150,025
Deferred tax asset                                  23,702           26,876
Goodwill                                            12,623           12,623
                                          ----------------------------------
                                             $     347,382    $     337,200
                                          ----------------------------------
                                          ----------------------------------

Current liabilities
  Accounts payable and accrued liabilities   $      17,974    $      25,011
  Current portion of patent finance
   obligation                                       34,593           19,480
                                          ----------------------------------
                                                    52,567           44,491

Patent finance obligation                           33,777           32,552
Success fee obligation                               5,230            7,048
                                          ----------------------------------
                                                    91,574           84,091
                                          ----------------------------------

Commitments and contingencies

Shareholders' equity
  Capital stock                                    426,317          425,238
  Additional paid-in capital                        15,380           14,635
  Accumulated other comprehensive income            16,225           16,225
  Deficit                                         (202,114)        (202,989)
                                          ----------------------------------
                                                   255,808          253,109
                                          ----------------------------------
                                             $     347,382    $     337,200
                                          ----------------------------------
                                          ----------------------------------



Wi-LAN Inc.
Condensed Consolidated Statements of Cash Flow
(Unaudited)
(in thousands of United States dollars)


                         Three months  Three months  Six months  Six months
                                ended         ended       ended       ended
                             June 30,      June 30,    June 30,    June 30,
                                 2014          2013        2014        2013
                        ----------------------------------------------------
                        ----------------------------------------------------
Cash generated from
 (used in)
Operations
Net earnings (loss)       $     5,599   $    (7,632)  $   9,568   $ (14,066)
  Non-cash items
    Stock-based
     compensation                 470         1,168       1,217       2,139
    Depreciation and
     amortization               8,524         6,516      17,141      13,219
    Foreign exchange
     (gain) loss                 (480)          671           -       1,252
    Disposal of assets              3             -           6           -
    Disposal of patents             -             -           -          46
    Deferred income tax
     expense (recovery)         2,031        (3,274)      3,174      (5,451)
    Accrued investment
     income                       (46)          (39)        (92)        (79)
  Change in non-cash
   working capital
   balances
    Accounts receivable        (2,886)          584       7,358      (4,742)
    Prepaid expenses and
     deposits                     (45)         (283)       (760)       (367)
    Payments associated
     with success fee
     obligation                (1,335)         (659)     (2,409)     (2,172)
    Accounts payable and
     accrued liabilities          (64)        5,023      (2,040)      8,416
                        ----------------------------------------------------
Cash generated from
 (used in) operations          11,771         2,075      33,163      (1,805)
                        ----------------------------------------------------
Financing
  Dividends paid               (4,339)       (4,867)     (8,849)     (9,101)
  Common shares
   repurchased under
   normal course issuer
   bid                           (125)       (2,256)       (125)     (2,912)
  Common shares issued
   for cash on the
   exercise of options            592           117         643         478
  Common shares issued
   for cash from
   Employee Share
   Purchase Plan                   89           102          89         102
                        ----------------------------------------------------
Cash used in financing         (3,783)       (6,904)     (8,242)    (11,433)
                        ----------------------------------------------------
Investing
  Sale of short-term
   investments                    (51)           91           4         143
  Purchase of furniture
   and equipment                 (102)          (50)       (326)        (67)
  Purchase of patents
   and other intangibles      (10,669)       (2,327)    (16,359)     (3,015)
                        ----------------------------------------------------
Cash used in investing        (10,822)       (2,286)    (16,681)     (2,939)
                        ----------------------------------------------------
Foreign exchange gain
 (loss) on cash held in
 foreign currency                 480          (671)          -      (1,252)
                        ----------------------------------------------------

Net cash and cash
 equivalents generated
 (used) in the period          (2,354)       (7,786)      8,240     (17,429)
Cash and cash
 equivalents, beginning
 of period                    140,988       165,603     130,394     175,246
                        ----------------------------------------------------
Cash and cash
 equivalents, end of
 period                   $   138,634   $   157,817   $ 138,634   $ 157,817
                        ----------------------------------------------------
                        ----------------------------------------------------



Wi-LAN Inc.
Reconciliation of GAAP Net Earnings to Adjusted Earnings
(in thousands of United States dollars, except share and per share amounts)


                             Three months ended            Six months ended
                    --------------------------------------------------------
                    --------------------------------------------------------
                         June 30,      June 30,      June 30,      June 30,
                             2014          2013          2014          2013
                    --------------------------------------------------------
                    --------------------------------------------------------

Net earnings (loss)
 under GAAP          $      5,599  $     (7,632) $      9,568  $    (14,066)

Adjusted for:
  Unrealized foreign
   exchange (gain)
   loss                    (1,342)        1,167          (493)        2,111
  Depreciation and
   amortization             8,524         6,516        17,141        13,219
  Stock based
   compensation               470         1,168         1,217         2,139
  Loss (gain) on
   disposal of
   assets                       3             -             6            (7)
  Income tax expense
   (recovery)               3,369        (1,981)        5,954        (2,857)
                    --------------------------------------------------------
Adjusted earnings
 (loss)              $     16,623  $       (762) $     33,393  $        539
                    --------------------------------------------------------
                    --------------------------------------------------------


Adjusted earnings
 (loss) per basic
 share               $       0.14  $      (0.01) $       0.28  $       0.00

Weighted average
 number of common
 shares
Basic                 120,065,465   121,225,490   119,991,276   121,384,394

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SYS-CON Events announced today that Datanami has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datanami is a communication channel dedicated to providing insight, analysis and up-to-the-minute information about emerging trends and solutions in Big Data. The publication sheds light on all cutting-edge technologies including networking, storage and applications, and thei...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...